Homeowners in Greece who invested in renovations during 2024 can now claim significant tax deductions thanks to a new program introduced by the Independent Authority for Public Revenue (AADE).
The program aims to encourage property upgrades by offering tax relief on a wider range of expenses, including both aesthetic and energy-saving improvements.
Under the new rules, taxpayers can deduct up to €16,000 in renovation expenses over five years, with a maximum annual deduction of €3,200.
For the first time, deductions are allowed for both material costs and professional services, although material costs are capped at one-third of service expenses.
Eligible renovations include a wide range of upgrades, from essential plumbing and electrical work to aesthetic improvements like painting and wall repairs.
Energy-efficient upgrades, such as insulation, window replacements, and heating system upgrades, are also included, along with more advanced projects like solar panel installations and electric vehicle charging stations.
To qualify for the deductions, all payments must be made electronically, and expenses must be supported by detailed invoices. The documents need to be submitted electronically to the AADE.
This program is expected to boost the renovation sector, modernize homes across Greece, and encourage sustainable living practices.
It offers a valuable incentive for homeowners to invest in property upgrades, contributing to both economic growth and environmental sustainability.
By Yiannis Pappous